The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-08-10
IyES-STAYNOR FROZEN OUT
Both Men Resign Their Positions in the
Management of the c., Il. d d.
ives Turns over His Property to Waite, Meyer
and Dexter as Trustees-The Issue of Pre-
ferred Stock Amounts to $4,000, 900.

New YORK. Aug. 9-Shortly before noon TO-
day the committee appointed to investigate
Henry s. Ivess management of the Cincinnati,
Hamilton e. Dayton road, met to listen to any
staten emit which Mr. Ives might have to make
At noon Mr.. Ives had not appeared. His part
ner, Mr.. Doremus. expressed doubts to
whether Mr.. Ives intended to make any state
ment, but the members Of the committee state
that he distinctly promised to make full and
complete statement Of the affairs of the COM
pany. They also expect him 20 resign. and Mr.
Christopher Meyer said that if Mr. Ives did not
resign to-day the road would be thrown into the
hands of a receiver. Many of the committee
thnk this is the best to take in any
event. 50 that the stockholders may be enabled
TO get al the books and thoroughly investigate
she doings of Mr.. Ives Mr.. Meyer
says the Cincinnati people COM
planning that there is shortage of
g. 00O 000 and that if this cannot be explained,
criminal proceedings will at once be instituted.
The committee were compelled to wait over an
hour. as it WAS half-past when Ives arrived at
his Office. where the meeting was being held.
There was great deal of delay in getting things
into shape for business ont when things were
arranged business was lively enough. The first
things done was to receive the designations of
President Staynor and Vice president Ives. and
the election of A. S. Winslow, of Cincinnati as
president, and Christopher Meyer, of New York,
as vice-president. The creditors appointed
committee, consisting of Irving A. Evans, T. J.
Emery and James Thompson, to meet
committee of directors, consisting
Of Julius Dexter, Christopher Meyer
and Mr. Harrison. to take further steps
in the reorganization of the company The
creditors committee met Immediately to begin
Investigation of the affairs of the company A
qaorum of the board of directors of the road was
present. and there was just a majority of one
against the present management. just before
o'clock. Mr.. Ives rushed out secured big ledger
in another Office, and rushed back with the
ledger on his shoulder. He started in to explain
matters to the other directors, but his explana-
tons did not seem to be received with favor:
When a reporter asked him if he had resigned
he said he could not answer until o'clock.
When asked to explain the situation he waived
his hand toward the cashier and said: You can
see that meeting liabilities as usual"
The meeting adjourned until tomorrow with
out finishing its work. Ives has turned over his
property to Waite Myer and Dexter rs trustees.
and is trying to arrange with his creditors to
put their claims in the same hands. Nothing
will be done in this matter until morning. al
though the consideration of the proposition has
led the Farmers Loan and Trust Company to
withdraw L. 100 shares of Cincinnati, Hamilton
g. Dayton stock from the auction sale to-mor-
row.
On the Exchange to-day, Mr.. Doremus, Ives
partner bought the 100 shares sold yesterday
at 40 from the buyers, and paid 100 for it. The
stockholders committee have finished the count
of the remaining certificates of preferred stock,
and find that about 81 600, 600 has been issued.
This is stated to be much less than was feared.
It 10 stated by the counsel for the creditors
committee that their claims will not be placed
in the trusteeship proposed by Ives The resig-
nation of both Ives and Stayner Is officially
stated to have been unconditional
The committee of directors spent some time in
conference with the creditors committee. The
books of the late president and vice president
were examined informally, and under a casual
scrutiny the condition of affairs. it is said
seemed to be much more favorable than
supposed. Several days examination by expert
accountants will be necessary, however, before |
any definite idea of how matters stand can be |
obtained
The board OF directors of the Cincinnati, |
Hamilton 81 Dayton road now constituted. |
is composed of A. S. Winslow, Christopher |
Myers, Henry s. Ives. Geo. ii. Staynor, John |
Carlisle. Julius Dexter, +. II. Short, c. c. |
Waite and w. c. Boone